ETH Global Conference – Ethereum 2.0 Update, ETH News, Investments

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Ethereum is the second largest cryptocurrency platform by market capitalization, behind Bitcoin.[1][2] It is a decentralized open source blockchain featuring smart contract functionality. Ether is the cryptocurrency generated by Ethereum miners as a reward for computations performed to secure the blockchain.[3] Ethereum serves as the platform for over 260,000 different cryptocurrencies, including 47 of the top 100 cryptocurrencies by market capitalization.[4][5]

Ethereum provides a decentralized virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes.[6] The virtual machine’s instruction set, in contrast to others like Bitcoin Script, is Turing-complete. “Gas”, an internal transaction pricing mechanism, is used to mitigate spam and allocate resources on the network.[6]

Ethereum was proposed in late 2013 by Vitalik Buterin, a cryptocurrency researcher and programmer. Development was funded by an online crowdsale that took place between July and August 2014.[6] The system then went live on 30 July 2015, with 72 million coins minted.[7][8] This accounts for about 65 percent of the total circulating supply in April 2020.[9][10][non-primary source needed]

In 2016, as a result of an exploitation of a flaw in The DAO project’s smart contract software, and subsequent theft of $50 million worth of ether,[11] Ethereum was split into two separate blockchains. The new separate version became Ethereum (ETH) with the theft reversed,[12] and the original chain continued as Ethereum Classic (ETC).[13]

Ethereum is currently developing and planning to implement a series of upgrades called Ethereum 2.0.[14] Current specifications for Ethereum 2.0 include a transition to proof of stake and an increase in transaction throughput using sharding technology.[15][16]

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